初代网红品牌关店超百家、退出多地市场！经典产品风靡一时，产业总量开始压缩

Core Viewpoint - The closure of all LELECHA stores in Zhengzhou and the significant reduction in the number of stores nationwide highlight the challenges faced by the brand in a competitive market [1]. Company Overview - LELECHA, founded in Shanghai in 2016, gained popularity with its "dirty bread" product and expanded rapidly, reaching over 399 stores across 27 provinces and 79 cities [1]. - The brand has recently faced a decline, with 132 store closures in the past year, indicating a negative growth trend [1]. Financial and Investment Insights - In 2022, Nayuki Tea acquired a 43.64% stake in LELECHA for 525 million yuan, valuing the company at approximately 1.2 billion yuan [8]. - The investment is expected to provide LELECHA with advantages in store expansion, supply chain, and digitalization while maintaining its independent operations [8]. Market Competition - The competitive landscape for milk tea brands has intensified, with many initial popular brands like LELECHA facing pressure from new entrants [8]. - As of January 2026, the total number of milk tea brands exceeded 4,000, with nearly 400,000 stores, but the net growth in stores has been negative, with a decrease of 35,000 stores in the past year [9].